To estimate **FFO / Net debt** under an S&P-style approach: 1. **Funds from operations (FFO)** can be approximated from cash flow data as: - Cash flow from operations before working-capital changes is **EUR 616.36m** - Less income taxes paid: **EUR 91.854m** - This gives an operating cash flow proxy before working capital after tax of **EUR 524.506m** - Add back interest paid, because S&P FFO is generally before interest paid: **EUR 29.146m** Estimated FFO: \[ 524.506 + 29.146 = 553.652 \text{ million EUR} \] 2. **Net debt** is estimated from financial liabilities less cash and readily available financial assets. Financial debt/liabilities at year-end 2022: - Other noncurrent financial liabilities: **EUR 1,751.255m** - Noncurrent lease liabilities: **EUR 150.955m** - Other current financial liabilities: **EUR 389.716m** - Current lease liabilities: **EUR 6.362m** - Current financial liabilities at fair value through profit or loss: **EUR 76.644m** Gross debt: \[ 1,751.255 + 150.955 + 389.716 + 6.362 + 76.644 = 2,374.932 \text{ million EUR} \] Cash and financial assets deducted: - Cash and cash equivalents: **EUR 392.811m** - Other current financial assets: **EUR 211.136m** - Current financial assets at fair value through profit or loss: **EUR 141.568m** Total deductions: \[ 392.811 + 211.136 + 141.568 = 745.515 \text{ million EUR} \] Estimated net debt: \[ 2,374.932 - 745.515 = 1,629.417 \text{ million EUR} \] 3. **FFO / Net debt**: \[ \frac{553.652}{1,629.417} = 0.3398 \] So the estimated ratio is approximately **34.0%**. 0.340